CBN’s 2022 Financial Statement Uncertain Despite Audit Fees Payments
When Moody’s rates debt obligation as Caa 1, it implies that such obligations are adjudged to be speculative of poor standing and are subject to very high credit risk.
Standard and Poor’s (S&P), revised its outlook on Nigeria from stable to negative but affirmed the nation’s B-/B long- and short-term foreign and local currency sovereign credit ratings. S&P said the new outlook reflected “increasing risks to Nigeria’s debt servicing capacity over the next one-to-two years due to intensifying fiscal and external pressures”
The fraudulent audited accounts have also brought the corrupt activities of the accounting and audit profession to the fore, putting the 2022 account in limbo, and frustrating meaningful investment and economic decisions by fiscal authorities and private sector organisations for this year.
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